ConocoPhillips (NYSE:COP) Files An 8-K Material Impairments
Item 2.06. Material Impairments.
On June28, 2017, ConocoPhillips (the Company), through certain of
its affiliates, entered into a Purchase and Sale Agreement with
Miller Thomson Partners LLC providing for the sale of certain of
the Companys assets and interests in the Barnett (Barnett) for a
total purchase price of $305 million, subject to certain
customary adjustments. As a result of the Purchase and Sale
Agreement, the Company will classify Barnett as held for sale and
will recognize a non-cash impairment of approximately $0.6
billion pre-tax, or approximately $0.4 billion after tax, during
the second quarter of 2017 reflecting the difference between the
purchase price and the net book value for Barnett.
Item 7.01. Regulation FD
Disclosure.
On June29, 2017, the Company issued a press release announcing
the Companys entry into the Purchase and Sale Agreement for the
sale of Barnett. A copy of the press release is furnished as
Exhibit99.1 hereto and incorporated herein by reference.
Item 9.01. Financial Statements and
Exhibits.
(d) Exhibits.
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ExhibitNo. |
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Description |
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99.1 |
Press Release issued by ConocoPhillips on June29, 2017 |
CONOCOPHILLIPS ExhibitEX-99.1 2 a17-15887_1ex99d1.htm EX-99.1 Exhibit 99.1 600 North Dairy Ashford Road Houston,…To view the full exhibit click here About ConocoPhillips (NYSE:COP)
ConocoPhillips (ConocoPhillips) is an independent exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG). The Company operates through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48; Canada; Europe and North Africa; Asia Pacific and Middle East, and Other International. The Company’s continuing operations are producing in the United States, Norway, the United Kingdom, Canada, Australia, Timor-Leste, Indonesia, China, Malaysia and Qatar. The Company’s portfolio includes North American unconventional assets and oil sands assets in Canada; assets in North America, Europe, Asia and Australia; several international developments, and an inventory of global conventional and unconventional exploration prospects.
